11   Application for relief

(1)  The Court may exercise its powers under this Act in relation to a contract on application made to it in accordance with rules of court, whether in:

(a)  proceedings commenced under subsection (2) in relation to the contract, or

(b)  other proceedings arising out of or in relation to the contract.

(2)  Proceedings may be commenced in the Court for the purpose of obtaining relief under this Act in relation to a contract.